TCS in power exchange alliance

IT giant Tata Consultancy Services (TCS) and three power PSUs-NTPC, Power Finance Corporation (PFC) and National Hydro-electric Power Corporation (NHPC) have teamed up to set up a power exchange. The companies are in broad agreement for a joint venture, and are thrashing out the details.

Sources told FE: "All these promoters are exploring options for the JV formation. It can be equal equity contribution by each or TCS providing technological solutions and also holding a stake in the power exchange. The exchange will transact power for the short-term, long-term and round-the-clock (RTC) initially and later include hourly trades. The power PSUs and TCS are expected to sign the agreement very soon."

This would be the third power exchange in the country. Already, the MCX-promoted Indian Energy Exchange has indicated that it may start operations before March 31.

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Overseas listing, issues to be easier

It could soon be a lot easier for Indian companies to list on overseas exchanges. In a move that would mark further liberalisation of the foreign investment regime, the government is planning to allow companies unlisted in India to list on overseas stock exchanges.

Under existing rules, a company needs to be listed on a domestic exchange before being allowed to list overseas. The proposal would be a major boon for Indian companies as they would be in a position to tap overseas markets before having to divest stakes on domestic exchanges. However, sources said the government is likely to stipulate that these companies would have to list on domestic exchanges within a stipulated time frame.

In addition, as a part of its plans to free up the flow of foreign equity into the domestic market, the government is likely to allow global depository receipts (GDRs) and American Depository Receipts (ADRs) through the automatic route.

This would mean that such issues could be floated without the government’s prior permission. Companies would simply have to inform RBI once the issue is concluded.

Up until now, only sponsored ADRs/GDRs were allowed through the automatic route, on the condition that RBI is informed once the proceeds of the issue were ploughed back into the company. The relaxation means that companies would not need FIPB approval for ADRs/ GDRs.

Instead, they could go ahead with such offers after informing RBI about their respective proposals.



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Lalu Chants Modernisation Mantra

"In the 21st century, the business scenario is changing fast-at the speed of light. Therefore, we have decided to set up a multi-departmental innovation promotion group in the Railway Board," said railway minister Lalu Prasad in his Budget speech on the floor of the Lok Sabha on Tuesday.

In keeping with that theme of modernisation, he announced the setting up of a strategic business unit to act as single window for all core business problems.He also saidan IT Vision 2012 document would be prepared on the use of platforms based on geographic information systems, global positioning systems and radio frequency identification to make freight and passenger information real-time. Vision 2025 for Indian Railways will also include mobile tickets and a switch to lighter stainless steel wagons to carry a much higher load.

Prasad kept in tacthi strack record of not increasing passenger fares during his tenure as railway minister. Instead,he reduced fares significantly. He made travel by AC first class cheaper by 7% and by AC II-Tier cheaper by 4% to take on competition from low-cost airlines. He also announced a 5% cut in passenger fares in second class and a symbolic Re 1 discount for tickets priced upto Rs50 in non-suburban second class to please his core constituency. Prasad announced a Rs 75,000-crore investment plan for new tracks and add more muscle to his freight business.

Passengers have been flooded with promises of more amenities to make rail travel more comfortable.New stainless steel trains with modular fittings, discharge-free green toilets, multi-level parking at 30 major stations, provision for lifts and escalators, wider e-ticketing facilities, 53 new trains and 10 more Garib Raths were announced.All these will raise the railways' expenditure by nearly 20%, compared with 14% in the current year,to Rs50,000 crore.

Gross traffic receipts for 2008-09 are estimated to be Rs 81,901 crore, a growth 12.5%, at par with the nominal GDP growth rate of 13% for the year. This is less than the almost 16% recorded in the current fiscal, but it is still expected to generate a surplus of Rs 24,782.98 crore-just a shade less than this year's Rs 25,065.49crore.

In the area of freight tariffs, the railway minister reduced the number of categories from 210 to 200, thereby reducing the spread in rates between the costliest and cheapest commodities,

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Tatas to double China revenues

The Tata group's investment plans in Bangladesh may have hit a rough patch, but it is steadily gaining a foot hold in China. Despite growing competition from local companies, Tata expects to double revenues from China-primarily from TCS and Tata Steel-to $600 million this year. It will also see sourcing from that country double to $500 million.

Alan Rosling, executive director, Tata Sons, told FE, "China is a very dynamic, competitive and ambitious country. We, as an industry, need to figure out not only how to work with China,but also how to compete with it."

The Tata group has been in China since 1986, albeit in a small way. Now, that country is seen as a priority in Tata's efforts to internationalise. Says Rosling, "Our interest in China is threefold. One, we are selling in China. Two, we are making things there. And three, we are buying things from that country."

In 2007, the Tata group put on hold plans for a $3-billion investment in Bangladesh, as Dhaka developed cold feet over what would have been that country's largest foreign direct investmentinover30years.

In China, the group opened an office in Shanghai in August 2006. TCS, in partnership with the Chinese government and Microsoft, has signed a

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Anil adds 3:5 Power to shares

In an attempt to compensate investors the poor listing of its shares, Reliance Power on Sunday proposed an issue of free bonus shares to all investors, excluding the promoters, in the ratio of 3:5 (three shares for every five held).

The company's board approved the bonus ratioon Sunday.

This apart, the promoter and chairman of the company, Anil Dhirubhai Ambani, announced a voluntary contribution of 2.6% of his personal shareholding in Reliance Power to Reliance Energy Ltd (REL) to protect the company (REL) from any dilution of its 45% stake in Reliance Power.

Ambani said subsequently his shareholding in Reliance Power will decline by 5% to 40%,representing a contributionofnearlyRs5,000crore infavourof60lakhRELandReliance Power investors. The boards of REL and Reliance Power approved the proposals on Sunday. The company had announced the bonus issue plan onFebruary17.

The company said the record date for the bonus issue will be fixed once approvals from shareholders through postal ballot-and stock exchanges come in. The record date will decide who qualifies for the bonus shares. The shareholders who hold the shares in their name on the record date will be eligible to receive the bonus shares.

After the three-hour board meetings of Reliance Power and REL, Ambani, addressing a jam-packed press conference in Mumbai, said, "I have been concerned by the notional losses arising to millions of long-term investors in Reliance Power, as a result of uncertain global and domestic capital markets, subsequent to the pricing of our IPO.We have taken this one-time and unprecedented measure in demonstration of our philosophy of

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M&As abroad may get boost

In a move that would facilitate big-ticket Indian M&As abroad, the government is likely to remove the cap on the investments that a domestic company can make overseas.

According to current regulations, an Indian company is allowedtoinvestonlyupto300%of its net worth a year overseas to acquire assets.This has led to Indian companies falling out of contention for several major international M&A deals.

In addition, the regulations also forced Indian companies to structure deals through complex routes and investments arms abroad to route funds for investment over and above the permis sible limit.

"Now any investment above the limit requires multiple permissions, leading to delays in finalising deals and companies from other countries gaining a lead over Indian companies. In addition, Indian companies are now in a position to raise funds easily to finance acquisitions and mergers abroad. Any sort of cap on investments abroad will only be counter productive," admitted a senior government official.

Besides,partnership firms registered under the provisions of the Indian Partnership Act, 1932, are currently permitted overseas investmentsnotexceeding200%of their net worth. Sources said that the government is likely to raise this limit to 300% of net worth.

According to analysts, with Indian companies looking acquire overseas ventures to spread their global footprint, such a move would come as a major boost.However, the government is likely to ask companies to furnish details off unding if the investment is over a certain limit. "RBI will set a threshold limit. Any investment beyond the threshold limit will be examined,"said officials.

The proposal to lift the overseas investment capisonly the latest in a string of measures taken by the government to free up rules governing such investments by Indian companies. It has recently hiked the limit on overseas portfolio investment by Indian companies from 35% of net worth to 50% of net worth. It has also allowed mutual funds to make aggregate investments of

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REL bags in Mumbai sea-link project

The Anil Ambani-controlled Reliance Energy Ltd (REL) has out bid Mukesh Ambanirun Reliance Industries Ltd (RIL) for the Rs 4,000-crore Mumbai Trans Harbour Project (MTHP). The Maharashtra State Road Development Corporation (MSRDC) on Wednesday selected the REL-Hyundai consortium,which quoted a concession period of 9 years 11 months, over the RIL-promoted SKIL Infrastructure-IL&FS-John Laing consortium's 75 years.

The project will be developed on a build operate-transfer basis. The REL-Hyundai consortium was earlier disqualified by MSRDC for failing to meet net worth conditions. The disqualification was upheld by the Bombay high court,but later struck down by the Supreme Court. Following the apex court's order, the REL-Hyundai consortium submitted its bid on December 15 last year.

State public works minister Anil Deshmukh told reporters that the REL-Hyundai consortium is expected to submit a letter of acceptance by March,complete financial closure within six months after acceptance,start work in December and complete the 22-km sea-link by December 2013.

"The REL-Hyundai consortium has already paid the bidders' contribution of Rs 26 crore and, in addition, is expected to pay another Rs 130 crore to MSRDC as performance guarantee. The consortium will have to complete the project within five years or face a penalty under the contract,"he noted.

Deshmukh said the winning consortium would build the six-lane sea-link

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Tata Group invests in private jet operator BJETS

The Tata Group, through its hospitality arm The Indian Hotels Company Limited (IHCL), has invested an undisclosed sum in Singapore-based private jet operator, BJETS.

BJETS is majority-owned by the Briley Group, a multinational company with holdings in the aviation, hospitality, business process outsourcing, technology and service sectors.

IHCL, known for the Taj luxury brand of hotels,and palaces, will have a significant stake in BJETS.

When contacted, a Tata spokesperson said details of the shareholding pattern and investment could not be disclosed.

In a media release on Tuesday, BJETS said it has ordered 40 Cessna and Hawker jets worth more than $600 million (Rs 2,400 crore), with options for 10 more. The delivery of the aircraft will be made over a period of five years beginning the first quarter of 2008.

"The first 15 new jets will be delivered by the end of 2008, setting a record-breaking milestone for BJETS.

BJETS will have the biggest fleet of private jets in Asia in its very first year of operations," the release said.

Currently, Club One Air is India's first fractional ownership company and the largest non-scheduled air operator. BJETS is set to start flight operations in May out of Singapore's Seletar Airport. In India, its flight operations will be based out of the new Hyderabad International Airport.

However, the company will be headquartered in Mumbai.

BJETS will recruit and train over 550 new hires worldwide in the next five years, including more than 250 pilots. To work on the fractional ownership model, BJETS seeks to tap the Indian market for business jet travel.

"For the first time in Asia, BJETS will combine the best of the US and European models of fractional ownership, block charter and aircraft management

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Sebi likely to unshackle REITs

To make the listing of Real Estate Investment Trusts (REITs) more attractive in the domestic market, the Securities and Exchange Board of India is looking at raising the cap on the extent a REIT can invest in a project.

Sebi is also mulling to increase the limit of a single entity's investment.

Sources said Sebi was likely to revise the current draft regulations, which limit a REIT's exposure to 15% of a single real estate project and a single group's exposure to 25% of a project. These caps keep developers from owning controlling stakes in projects, which is not the case in other countries.

Once the draft regulations are modified, they would become much more realtor friendly and make their listings in India more favourable. Real estate developers, law firms and financial institutions have already held a series of meetings with Sebi officials to drive home the point.

If a relaxation does not happen and developers float

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R-Power plans a bonus for IPO-hit investors

Reliance Power is considering a bonus issue for its non-promoter investors in what is seen as an unprecedented move to appease those who had lost out after the company's IPO fared poorly on listing.

A board meeting to finalise the modalities has been convened on February 24.

A company release said the bonus shares would reduce the holding cost of the investors in the IPO. Closing on January 18, the issue had raised a record Rs 7.50 lakh crore from around 500 institutional and five million retail investors.

After listing on February 11 , the issue, priced at Rs 450 a share for institutions and Rs.430 for retail investors, opened at Rs 530,only to crash to Rs.332(Friday closing: Rs 384.70). Even after staging a certain degree of recovery, the share price has shown a sliding trend.

Much of this can be attributed to the slump in the global and domestic markets. A perceived high pricing is also seen as the other cause.

The company, without providing any clarity on project implementation, and with just plans of implementing power projects of over 28,000 MW,was seen by a section of analysts as seeking to charge a premium for revenue and earnings that would emanate after

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Govt Bites The Bullet: Fuel Prices Hiked

After months of deliberations and despite opposition by Left parties, the government on Thursday finally raised the price of petrol by Rs 2 a litre and that of diesel by Re 1 a litre. The new prices come into effect from midnight on Thursday, petroleum minister Murli Deora said.

The decision to hike fuel prices was taken at a meeting of the Cabinet Committee on Political Affairs. It was also decided not to lower the customs or excise duties on crude and petroleum products. However, further oil bonds would be issued to stateowned oil marketing companies to compensate them for losses from the sale of petroleum products at below cost price.

The hike in fuel prices comes after 22 months, even though international crude prices have soared in the interim. Petrol and diesel prices were last raised in June 2006, when crude was at $67 a barrel, against the existing $92 a barrel. LPG prices were last raised by Rs 20 a cylinder in November 2004 when crude was at $34 a barrel. Kerosene prices have not been changed since 2002, when crude was at $23 a barrel.

As reported earlier by FE, officials said finance minister P Chidambaram was not in favour of the petroleum ministry demand for a Re 1-a-litre reduction in excise duty on petrol and diesel. As part of a compromise formula cleared by the Prime Minister last week, Chidambaram suggested that fresh oil bonds be issued to oil marketing companies instead.

At present, 42.7% of the under-recoveries of these companies on petrol, diesel, LPG and kerosene are met by the government through oil bonds. This has now been raised to around 57%, said petroleum secretary MS Srinivasan.

The government will, accordingly, issue bonds worth over Rs 40,212 crore to Indian Oil, Bharat Petroleum and Hindustan Petroleum in the current fiscal. Simultaneously, upstream firms like ONGC and GAIL will chip in 33%

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TCS to restructure for agility

Close on the heels of Tata Steel's restructuring, Tata group company and IT major Tata Consultancy Services (TCS) is gearing up for a rejig of global operations from April.

This, TCS says, is to create a simpler organisational structure with integrated, customer-centric units that will drive operational agility and address new opportunities.

TCS earlier sacked 500 of its staff on grounds of poor performance and whittled down variable pay by 1.5% for the January-March quarter. The Indian IT outsourcing industry has been going through tough times recently, with the rupee appreciating by 12% in a year.

Says S Ramadorai, CEO & MD: "As we scale up to over 1 lakh employees, TCS needs a structure that allows it to build a nimble organisation to capture growth opportunities."

Geographies, industry practices and service practices have been TCS focus areas so far. But under the new modular structure, the firm will have five major groups-industry solutions, major markets, new growth markets, strategic initiatives and organisation infrastructure-each headed by a director who will report to N Chandrasekaran, COO & ED.

The industry solutions group will have multiple units,

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Bears maul Reliance Power listing

The much-hyped listing of Reliance Power Ltd shares proved to be a near fiasco. The stock, which opened at a premium, failed to impress investors who booked profits amid the volatility. High net-worth investors, who sold their leveraged exposure, and the over-valuation of the stock, spoiled the party.

At the National Stock Exchange, R Power shares opened at Rs 530, 17% higher than the offer price of Rs 450. But the stock soon dropped to Rs 355.30 before closing at Rs 372.30, down Rs 77 from the issue price. As many as 13.439 crore shares were traded. At the Bombay Stock Exchange, the stock listed at Rs 547.80 and yo-yoed between a high of Rs 599.90 a low of Rs 372.50 before closing at Rs 372.50. Around 6.38 crore shares exchanged hands.

Experts believe the premium at which R Power listed could possibly be the lowest for any ADAG group company. They said the stock held near the issue price at a time when two major initial public offerings-that of Emaar MGF and Wockhardt Hospitals were shelved only last week.

Lalit Thakkar, director of research at Angel Broking, said, "All the froth that was created in the primary market has now cleared with the listing of R Power. At Rs 450, the stock was expensive. We believe investment in Reliance Energy at Rs 1,600, which holds 45% in Reliance Power, is a much better bet." "The decline is not specific to Reliance Power. It mirrors the sharp meltdown in global capital markets over the past three weeks. From the time of our IPO, the Sensex is down 20% today, while Reliance Power stock is down 17% from the IPO price. We are confident of delivering superior long-term returns to our shareholders," said a Reliance Power statement.

The company entered the capital markets with an equity size of 26 crore shares, of which retail investors contributed 6.84 crore and high net-worth individuals contributed 2.28 crore, subscribing to the issue around 77 times. Retail investors took comfort from the concessional price of Rs 430.

Market players, taking a hint from grey markets, were the most

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CBDT throws ball back at Sebi

Having missed the February 1 deadline, institutional investors may have to wait longer before they can sell short.

Putting the onus back on market regulator Securities and Exchange Board of India (Sebi) for the delay in introducing short-selling by these investors, the Central Board of Direct Taxes (CBDT) has said it will make a move only after the scheme is launched.

Government sources told FE, "The CBDT has indicated that it can only clarify something which is already in effect.

Since the scheme has not been announced so far, it has conveyed its inability to provide clarifications."

Short-selling happens when investors sell securities they do not own, expecting that their prices will fall in the future. The investors then expect to buy the same securities when the prices fall.

CBDT's assistance had been sought because confusion remained over whether shortselling transactions would be settled by the proposed securities lending and borrowing (SLB) system, operated through the stock exchanges.

Current income tax rules say any stock market transaction made through a stock exchange is a share transfer and, therefore, shall attract the securities transaction tax.

Government sources added that Sebi was also likely to dealy its announcement due to the high market volatility. Sebi has adopted a wait-and-watch policy and is likely to introduce the scheme only when the stock markets stabilise.

Meanwhile, to spur government action, many domestic players are considering filing representations to Sebi on various issues of the SLB system. The contract tenure, the exact taxation treatment and the number of stocks allowed for lending and borrowing are the key issues that will be part of a ‘white paper' to be submitted to Sebi.

The SLB was set to start simultaneously with short-selling for institutional investors, but was held back due to the confusion over the delay in CBDT's clarification.

Manoj Vaish, president & CEO-India, Dun & Bradstreet Information Services India, said, "Yes, we are going to prepare a white paper on the key issues and submit it to Sebi in the next two to three days. There are some small and some prominent issues like the tenure for a contract, the tax treatments to these contracts and the number of stocks which are allowed for the SLB, which we need to put forward to Sebi."

In December 2007, Sebi had proposed to introduce a securities lending market in India and permit institutional investors to sell short. Sebi sought to put in place a fullfledged SLB scheme for lending a thrust to short-selling.

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Boeing signs up Tatas for 787 components

Boeing Co, which is at least eight months behind schedule on delivering the 787 Dreamliner commercial jet,said it will partner a Tata group company to build structural components for the aircraft.

Boeing signed an agreement to partner with TAL Manufacturing Solutions Ltd to make floor beams for the 787, the Chicago-based plane-maker said on Wednesday without giving financial details.

TAL is a wholly-owned subsidiary of Tata Motors Ltd.

TAL will build floor beams using advanced titanium and composite materials, resulting in a "significant weight saving", the companies said in a joint statement.

The floor beams will be made at TAL's new facility in Nagpur and shipped to Japan, Italy and the United States for further assembly.

"We believe this agreement has the potential to develop into a more broad-based alliance that would enable both organisations to utilise the most competitive resources," Ravi Kant, chairman of TAL and managing director of TataMotors,was cited as saying.

Boeing Commercial Airplanes estimates India will need aircraft worth about $86 billion over the next 20 years.

Boeing is facing opposition from some unions on out sourced work on the 787 programme and subsequent delays.The union and members of the International Association of Machinists have complained about the unprecedented level of outsourced work. The company's engineers union has asked the plane maker to explain how it will keep the programme on schedule.

The 787 dreamliner, 20% more fuel efficient than a similar bodied plane, will have a seating capacity of 210 to 330, depending on the model. It is 30,000-40,000 lbs lighter

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FE EXCLUSIVE - PM approves fuel price hike formula

Prime Minister Manmohan Singh on Tuesday gave his stamp of approval to the proposed increase in the price of petrol by Rs 2 a litre and of diesel by Re 1 a litre. The new prices are likely to be announced on Thursday after the Cabinet formally clears the proposal.

Sources in the PMO told FE that finance minister P Chidambaram and petroleum minister Murli Deora met the PM on Tuesday morning and hammered out a compromise formula on the price hike.

It was also decided at the meeting that there would be no reduction in the excise duty on petrol or diesel. Insteadmuch against the petroleum ministry's wishes-it has been decided to further increase the amount of oil bonds issued to state-owned oil marketing companies.

Currently, oil-marketing firms are issued oil bonds based on 42.7% of their under-recoveries on the domestic sale of petroleum products. The proposal to increase the quantum of oil bonds came from the finance minister.

Even though the petroleum ministry was opposed to the idea, Deora agreed to Chi dambaram's suggestion, forgoing the demand of his ministry for a Re 1 reduction in excise duty on auto fuels along with a cut in customs duties on crude oil and petro products.

Significantly, the sources said the PM felt that such a marginal increase in prices was inadequate to counter the impact of surging global crude prices.

However, Deora is learnt to have pressed for keeping the price hike minimal. "Given the current political pressures, the PM has agreed to the price hike proposed by Deora," an official said.

Currently, petrol is sold at Rs 43.52 a litre (in Delhi) and diesel at Rs 30.48. Following the price revision, petrol will be sold at Rs 45.52 (in Delhi) and diesel at Rs 31.48. Even though oil companies lose Rs 331 on every cylinder of LPG, sources said there would be no increase in the price of cooking gas.

Petrol and diesel prices were last raised in June 2006 when crude was at

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Sensex rises 418 points as liquidity returns

A marked rise in liquidity and positive global cues helped the Indian bourse to record a robust gain on Monday, its highest in calendar 2008. Bombay Stock Exchange (BSE), after opening with a positive gap of 253.45 points, posted gains for the second consecutive trading day. The index gained 417.74 points or 2.29% before closing at 18,660.32 points. The broader S&P CNX Nifty closed at5,468points,withanetgain of146.25pointsor2.75%.

More than Rs 1 lakh crore, blocked as application money in two big initial public offerings (IPOs) of Future Capital Holdings and Reliance Power in January, coming back to the market eased the liquidity pressure for market players, dealers said.

Monday's trading saw interestinsectorsbatteredbadly in last two weeks, like realty and IT. The small and mid-cap space also saw huge volumes, indicating a return of retail investors into the space.

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Govt mulling upfront spectrum fee

In a move that is sure to hit mobile operators but substantially increase revenue for the government, the department of telecommunications is planning to levy an up front spectrum acquisition charge.

At present,operators do not pay upfront for spectrum. They only pay an entry-licencefeeofRs1,650croreforapan-Indian presence.All that may change a satelecom department proposal says the upfront fee will be charged on allocation of spectrum beyond the initial 4.4 MHz for GSM opera torsand2.5Mhzfor CDMA operators.

The move is expected to fetch the governmentanadditionalrevenueofRs2,600 crore. The DoT is also planning to increase the annual recurring spectrum charge.

Operatorspay2%for4.4Mhzofspectrum, 3%for6.2Mhzand4%for more.

The DoT has been grappling with how to maximise revenue from spectrum, which is a scarce resource. Auctioning of spectrum has been ruled out since it may raise the issue of level playing field. This is because the current operators have not taken the auction route. The proposal is part of an ...

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Image and Article source: Financial Express
Article taken from the issue: 4 Feb 2008